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2) What is the best way to handle manufacturing overhead costs in order to get the most timely job cost information?

3) At the end of the year, manufacturing overhead has been overapplied. What occurred to create this situation?

4) Which of the following would be accounted for using a job order cost system?

5) In a job order cost accounting system, the Work in Process account is

6) Which one of the following is an important feature of a job order cost system?

7) Which one of the following is indirect labor considered?

8) Which of the following is an element of manufacturing overhead?

9) Which one of the following costs would be included in manufacturing overhead of a lawn mower manufacturer?

10) A well-designed activity-based costing system starts with

11) An activity that has a direct cause-effect relationship with the resources consumed is a(n)

12) In traditional costing systems, overhead is generally applied based on

13) All of the following statements are correct EXCEPT that

14) Which of the following is a value-added activity?

15) Which of the following is a nonvalue-added activity?

16) Poodle Company manufactures two products, Mini A and Maxi B. Poodle's overhead costs consist of setting up machines, $800,000; machining, $1,800,000; and inspecting, $600,000. Information on the two products is:

17) Poodle Company manufactures two products, Mini A and Maxi B. Poodle's overhead costs consist of setting up machines, $800,000; machining, $1,800,000; and inspecting, $600,000. Information on the two products is:

Overhead applied to Mini A using traditional costing using direct labor hours is

18) Which of the following factors would suggest a switch to activity-based costing?

19) Rosen, Inc. has 10,000 obsolete calculators, which are carried in inventory at a cost of $20,000. If the calculators are scrapped, they can be sold for $1.10 each (for parts). If they are repackaged, at a cost of $15,000, they could be sold to toy stores for $2.50 per unit. What alternative should be chosen, and why?

20) Walton, Inc. is unsure of whether to sell its product assembled or unassembled. The unit cost of the unassembled product is $16, while the cost of assembling each unit is estimated at $17. Unassembled units can be sold for $55, while assembled units could be sold for $71 per unit. What decision should Walton make?

21) The cost to produce Part A was $10 per unit in 2005. During 2006, it has increased to $11 per unit. In 2006, Supplier Company has offered to supply Part A for $9 per unit. For the make-or-buy decision,

22) Hess, Inc. sells a single product with a contribution margin of $12 per unit and fixed costs of $74,400 and sales for the current year of $100,000. How much is Hess’s break-even point?

23) Hartley, Inc. has one product with a selling price per unit of $200, the unit variable cost is $75, and the total monthly fixed costs are $300,000. How much is Hartley’s contribution margin ratio?

24) H55 Company sells two products, beer and wine. Beer has a 10 percent profit margin and wine has a 12 percent profit margin. Beer has a 27 percent contribution margin and wine has a 25 percent contribution margin. If other factors are equal, which product should H55 push to customers?

25) Which cost is charged to the product under variable costing?

26) Which cost is NOT charged to the product under variable costing?

27) Variable costing

28) If a company is concerned with the potential negative effects of establishing standards, they should

29) The difference between a budget and a standard is that

30) A standard cost is

31) The per-unit standards for direct labor are 2 direct labor hours at $12 per hour. If in producing 2,400 units, the actual direct labor cost was $51,200 for 4,000 direct labor hours worked, the total direct labor variance is

32) The total variance is $10,000. The total materials variance is $4,000. The total labor variance is twice the total overhead variance. What is the total overhead variance?

33) The per-unit standards for direct materials are 2 gallons at $4 per gallon. Last month, 11,200 gallons of direct materials that actually cost $42,400 were used to produce 6,000 units of product. The direct materials quantity variance for last month was

34) If the standard hours allowed are less than the standard hours at normal capacity,

35) Manufacturing overhead costs are applied to work in process on the basis of

36) The overhead volume variance relates only to

37) At January 1, 2004, Barry, Inc. has beginning inventory of 4,000 widgets. Barry estimates it will sell 35,000 units during the first quarter of 2004 with a 10% increase in sales each quarter. Barry’s policy is to maintain an ending inventory equal to 25% of the next quarter’s sales. Each widget costs $1 and is sold for $1.50. How much is budgeted sales revenue for the third quarter of 2004?

38) Lewis Hats is planning to sell 600 straw hats. Each hat requires a half pound of straw and a quarter hour of direct labor. Straw costs $0.20 per pound and employees of the company are paid $22 per hour. Lewis has 80 pounds of straw and 40 hats in beginning inventory and wants to have 50 pounds of straw and 60 hats in ending inventory. How many units should Lewis Hats produce in April?

39) Gottberg Mugs is planning to sell 2,000 mugs and produce 2,200 mugs during April. Each mug requires 2 pounds of resin and a half hour of direct labor. Resin costs $1 per pound and employees of the company are paid $12.50 per hour. Manufacturing overhead is applied at a rate of 120% of direct labor costs. Gottberg has 2,000 pounds of resin in beginning inventory and wants to have 2,400 pounds in ending inventory. How much is the total amount of budgeted direct labor for April?

40) The cost-plus pricing approach's major advantage is

41) A company must price its product to cover its costs and earn a reasonable profit in

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What is the difference between external and internal pricing? What factors must be considered when setting internal transfer pricing between divisions of a company? What are the different methods of setting internal transfer pricing? Which is the most effective? Why?
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What are some of the advantages and disadvantages of standard costs? How do managers determine what the standard cost should be? Describe the effect of inaccurate standard costs on financial reporting.
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What are the differences between variable and absorption costing? Why is variable costing not allowed for GAAP reporting? Which method is more useful for internal decision-making? Why? As a manager, which would you prefer? Why?
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Use the Internet or other credible resources to find an article relevant to activity-based costing (ABC), job costing, or process costing.
Write a 125-word summary of the article.
Summarize the major topics of the article, and explain what you learned as a result of ..

This Tutorial was purchased 2 times & rated
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What are the differences between a direct cost and an indirect cost? Which is the more difficult cost to track? Why? How do indirect costs affect the cost of a product? Should indirect costs be included in product cost? Why or why not?
..

What are some of the key differences between financial and managerial accounting? How do these differences impact the type of information that must be gathered and reported? What are the different types of decisions that users of financial accounting information must make? What are the different ..

1) What does cost accounting measure, record, and report?
2) What is the best way to handle manufacturing overhead costs in order to get the most timely job cost information?
3) At the end of the year, manufacturing overhead has been overapplied. What occu..

Week 1
• Question 1 Segregation of duties
o is a preventive control
o is a detective control
o separates responsibilities for authorizing transactions, recording transactions, and maintaining custody of the related assets
• Question 2 The following cost and inventory data are taken from ..

This Tutorial contains Excel Sheet which can be used for any change in values, get your 100% score with our sheet
Week 5
• Question 1 Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct labor standards for one unit of Zoom are given below:
..

This Tutorial contains Excel Sheet which can be used for any values
Week 2
• Question 1 The Hartford Symphony Guild is planning its annual dinnerdance. The dinnerdance committee has assembled the following expected costs for the event:
Dinner (per person) $10
Favors and p..

This Tutorial contains Excel Sheet which can be used for any values
Q-1
Lehner Corporation has provided the following data from its activity-based costing accounting system:
Indirect factory wages $552,000
Factory equipment depreciation $332,000
Distribution of Resource Consumpti..

This Tutorial contains Excel Sheet which can be used for any values
Q-1
Puget Sound Divers is a company that provides diving services such as underwater ship repairs to clients in the Puget Sound area. The company’s planning budget for May appears below:
During May, the company’s activity ..

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Signature/Benchmark Assignments are designed to align with specific program student learning outcome(s) in your program. Program Student Learning Outcomes are broad statements that describe what students should know and be able to d..

You have completed the analysis of ABC and determined whether it is a good option for Jeemp Farms.
Create a 5- to 10-slide presentation with speaker notes for Jeemp Farms management that addresses the following:
• Explain ABC costing and how it is different than traditional costing.
• Explain th..

Mr.Beridon received your requests for information and returned data which you have compiled in an Microsoft® Excel® spreadsheet (see document template). He also said, "We grow sod and trees at Jeemp Farms. We sell the sod mainly to home builders in the area, although we sell to some individuals who ..

Read the following scenario below:
Leighton Beridon owns "Jeemp Farms", located near Weimar, TX. The farm produces pecan trees and sod. He has so many orders from the Houston metropolitan area that he is able to sell all his inventory each year, but he is not netting as much as he has in past years..